The crypto industry has become very popular in the past couple of years. It is an easy way to earn some money and it is not as risky as it may seem if you know how to do it. Because of these reasons, a lot of investors are showing interest in Cryptocurrency exchanges. Well, for anything to go as planned, you need to take some precautions or measures. So, what do you have to do while choosing a cryptocurrency exchange? What are the things that you need to remember? Let’s find out.
In this article, we explore the five things to remember while choosing the best cryptocurrency exchange. We’ll show you which rules to follow so you don’t lose.
1. Choose a reliable and trusted crypto exchange platform
If you are planning to enter the crypto world, you need to choose the right platform for it. You can check some exchanges by various parameters like the Exchange Rate, Customer Support, Ease of use, Market Popularity, and most importantly, safety. Since you give a lot of personal information and if it’s related to money, you need to make sure that you can trust the platform.
One of the exchanges that we can recommend and which meets all the requirements, not only in terms of security, is Coindeal. It satisfies all the above conditions making it the most favorable platform. It is one of the best cryptocurrency exchange platforms according to the CoinMarketCap ranking. Also, it offers more than 50 markets that you can see there.
How to use CoinDeal?
Using CoinDeal is as simple as it can be.
First, you need to register before using it. After entering the required details here, you will get a verification email. Click on that link and your account will be activated. In order to use everything that the exchange offers, you need to pass the full process of the verification.
After that, you can start trading. Also, for a good start, CoinDeal gives 100 CoinDeal tokens for all ist users. Take them, before they are gone. On the website, you can see how many of them are still ready to take. The entire pool of tokens to be given away is 45 million.
As we said, trading is easy. All you have to do is open the ‘market’ from the menu list and select the currency you want to trade. For ease of selection, CoinDeal displays the Trading situation happening at the time. This saves a lot of time for the users.
2. Risk is not always good, so it is better to minimize it
You may know this already, but there is a term in the cryptocurrency field ‘FOMO’ or ‘Fear of missing out.’ Cryptocurrency works in a very deceiving way. Some coins might be hitting the clouds one day, and the other it may hit the rock bottom. This forces a lot of investors to invest in everything they see, but the art of Risk Management comes into play here.
We have a technique for situations precisely like this one. We call it ‘Divide and Conquer.’ It is exactly what it sounds like. First, you divide your money into different sets. You must use only set one for day one. Now, divide this money and invest it on some risky cryptocurrency. This should not be a very huge amount on any single one.
Now, you use the other sets of money only if you are in loss from the first step. If there are no losses, you keep investing the money from the first set as long as you want. While investing in the second set, you choose some stable cryptocurrency. This process goes on and on until you gain back the first set money and the cycle continues.
There are a lot more strategies now. You have to select the best one for you.
3. Decide about your investment period
In any business, there are two ways for an investor. You can either choose a short term or a long term investment. This is important because if you are going for a long term trade, some platforms or brokers might offer you a discount on the total price. Also, if you’re a free-minded person and don’t have any urgent requirement, this part is the best for you. Whereas the short term usually suits aggressive decision-makers who can adapt to any situation.
On CoinDeal, you can easily use both methods, because trading on this exchange is simple.
4. Modernize your investment techniques
Cryptocurrency is a 24-hour business. There are no breaks in the market. This causes an option that you might actually miss something sleeping at night. Well, we can’t stay awake for our whole life. So, the answer is easy. Automatize your investment. Use APIs, Investment bots to carry out your contribution when you’re asleep. This raises your business profit by a lot. It would be in the best interest of your budget if you were careful while choosing automation. You won’t act directly during this, so make sure everything is going all right.
CoinDeal provides you a solution. They offer a very useful API, which allows you to trade automatically. You need to log in to their platform. Remember, that you need to be the fully-verified user. Select from the sidebar menu ‘API’ and click ‘Create new pair of keys’. See? It’s very simple and doesn’t take a lot of time. Furthermore, you have all the instructions on the CoinDeal’s page, so you don’t have to worry about searching bots on the web.
5. Stay alert with crypto updates
The problem with most of the markets is that they don’t provide you any updates on the site. So, you have to search somewhere else to get all the latest information. The deal with CoinDeal is a bit different though. Exchange, as mentioned above, provides all the market updates. Almost 50 are shown on the homepage itself. As an investor, it is important to stay updated and CoinDeal gives you that. The information provided on the website is perfectly accurate. By seeing this, you can easily select the market you want to invest in.
A cryptocurrency exchange is a tricky field. Using CoinDeal, you can master this field and gain big money. The importance of using a platform and the method of choosing one are explained in the first few tips. By following them, you can stabilize the field. The remaining tips focus on what you need to do to use a platform effectively. So, good luck investors. It’s swiping time.